The complex art of reserve management

Lockdown represents another inflection point for central banks managing $12 trillion in FX reserves

The daily operations of most central bank reserve departments have become increasingly more complex since the 1990s. During the past three decades, foreign exchange portfolios have grown tenfold, and the addition of new asset classes to meet return targets has demanded ever more managerial resources, skilled staff and modern technology. The transition has also brought reserve managers together with private asset managers: the former have learned how to better handle risks associated with

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